Lockheed Martin has entered into a definitive agreement to acquire Savi Technology, a provider of active radio frequency identification (RFID) solutions.
Terms of the transaction were not disclosed.
Savi, based in Sunnyvale, Calif., has developed logistics solutions that track in-transit asset shipments in a secure, accurate and timely manner. Its line of hardware and software products have been used by the Defense Department, international defense agencies, civil agencies and commercial enterprises to monitor cargo shipments globally.
Savi’s products include active RFID asset tags, data-rich high-performance tags, sensor tags that monitor security and environmental conditions and related fixed and mobile readers.
The boards of directors of both Lockheed Martin and Savi’s parent company, Infolink Systems, have approved the transaction, which is subject to customary closing conditions -- including antitrust review -- and is expected to close by the end of June.
Savi will be a wholly owned subsidiary of Lockheed Martin and will be managed by Lockheed Martin Integrated Systems and Solutions, Gaithersburg, Md.
Founded in 1989, Savi employs about 300 people.
“The acquisition of this innovative company is consistent with our strategy of making investments that significantly enhance the capabilities we can offer our customers,” Bob Stevens, Lockheed Martin’s chairman, president and chief executive officer, said in a statement.
“Our customers and employees will significantly benefit from the enhanced capabilities of this combination,” said Vic Verma, chairman, president and CEO of Savi.
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